 announced on Thursday that one of its Strategic Investments, Kirkstall Limited, is seeking to raise £2.5 million in capital.){kind=link}
Braveheart Investment (LON:BRH) announced on Thursday that one of its Strategic Investments, Kirkstall Limited, is seeking to raise £2.5 million in capital.
The private investment fund revealed that the board of Kirkstall, a biotech company, are seeking to raise up to the funds in a private placing at a pre-money valuation of £5.6 million.
Kirkstall, which operates in the global ‘organ on chip’ market, and helped develop the ‘Quasi Vivo’ interconnected cell culture flow system which it sold to the academic and industry research markets.
Braveheart currently holds 43.36 percent of the issued shares (37.65 percent on a fully diluted basis) and its carrying value in the consolidated balance sheet as at 31 March 2017 was £287,000, the original cost price of its investment.
Braveheart has said it does not intend to participate in the company’s latest placing, but additional announcement will be issued in due course.
Braveheart Investment Group was formed back in 1997 and has been listed on the AIM market of the London Stock Exchange as of 2007. Its headquarters are located in Perth, Scotland, alongside additional offices in Yorkshire.
The Group counts itself as having around £71 million of funds under management across both national and regional funds, and runs various investment syndicates which Braveheart and its operating companies have founded.
Back in June, posted its annual reporting, enjoying what it called an “exceptional year”, as it shifted from a significant loss to profit for 2016.
The strong performance was attributed largely to the sale of its stake in mLED, a developer of ultra-high brightness technology. The sale of the asset raised £399,000 and helped drive up the company’s assets of £450,000 for the year to March end.
In total, pre-tax profit came in at £780,000 for the 12 month period, compared with a loss in the same period a year previously of almost £1.7 million.
Shares in Braveheart are up considerably by 30.49 percent as of 11.36 AM (GMT).